A recent candidate for explaining metamemory judgments is the perceptual fluency hypothesis, which proposes that easily perceived items are predicted to be remembered better, regardless of actual memory performance (Rhodes & Castel Journal of Experimental Psychology: General 137:615-625, 2008). In two experiments, we used the perceptual interference manipulation to test this hypothesis. In Experiment 1, participants were presented with intact and backward-masked words during encoding, followed by a metamemory prediction (a list-wide judgment of learning, JOL) and then a free recall test. Participants predicted that intact words would be better recalled, despite better actual memory for words in the perceptual interference condition, yielding a crossed double dissociation between predicted and actual memory performance. In Experiment 2, JOLs were made after each study word. Item-by-item JOLs were likewise higher for intact than for backward-masked words, despite similar actual memory performance for both types of words. The results are consistent with the perceptual fluency hypothesis of metamemory and are discussed in terms of experiencebased and theory-based metamemory judgments.